We received this event along with Event ID 64 following an upgrade/replacement of our PDC. Finally looks like it is solved after checking the Windows Time Service on the PDC. It was not starting automatically since it had the wrong Log On rights. Check this and start up the service. The other servers and client computers should sync soon after this.

Windows 2000 computers are attempting to synchronize their time with a domain controller. If none is found this message is generated. The domain controller must run the w32time service. This service can be syncronized with an external source (ie.atomic clocks like the one maintained by Navy Observatory). A syncronized time is very important for Active Directory implemenations due to its distributed nature.

As per Microsoft: "This issue can occur because of repeated network issues or if the Time service has been unable to find a domain controller to synchronize with for a long time. To reduce network traffic, the Time service will wait 960 minutes before it tries again, and no synchronization takes place during this interval, even if network connectivity is restored after being in a disconnected state for an amount of time that is less than the synchronization interval."

I have seen this occuring on a newly configured domain controller that had its DNS settings pointing to external DNS servers. Since the server would try to find the Domain Controller quering a DNS server the query would fail and this event recorded.